Life Insurance in Saskatchewan: Best Quotes from 20+ Life Insurers

LSM Insurance has been helping people in Saskatchewan with their life insurance and living benefits needs for over 25 years. We have served customers in Regina, Saskatoon, Moose Jaw, Yorkton, and in many other Saskatchewan locations through our local, experienced life insurance brokers.

Get a free, tailored life insurance quote in Saskatchewan

    Life Insurance in Saskatchewan: Background

    Saskatoon, Saskatchewan, Canada

    Regina, Saskatchewan, Canada

    Moose Jaw, Saskatchewan, Canada

    Yorkton, Saskatchewan, Canada

    Insurance products we offer in Saskatchewan:

    • Medical Life Insurance
    • No Medical Life Insurance
    • Mortgage Insurance
    • Funeral Insurance
    • Disability Insurance and Income Replacement Insurance
    • Critical Illness Insurance
    • Health Insurance
    • Group Insurance for Organizations

    Saskatchewan is one of the largest producers of potash in the world. It is also a province known for its agriculture and agri-foods industry. Potash mining and agriculture are industries dependent on external conditions, like weather and geography. This can lead to some years being more profitable than others. It is important for those in Saskatchewan to protect themselves and their families through life insurance and living benefits. After all, it can be hard to consistently save in an emergency fund when one’s income varies year to year. While savings are important, insurance helps offset the financial risk from premature death, disability, routine health needs, and critical illness.

    Our Life Insurance Brokers in Saskatchewan

    Broker
    Years of Experience
    Specialties
    Languages spoken

    Phyllis Hofseth

    Years of Experience:
    Nearly 10 years
    Specialties:
    • Life Insurance
    • No Medical Life Insurance
    • Disability Insurance
    • Critical illness Insurance
    • Health Insurance
    Languages:
    • English

    Robb Knippelberg

    Years of Experience:
    Over 25 years
    Specialties:

    <TBD>

    Languages:
    • English
    The Insurance Consultants listed above are independent brokers and not employees of LSM insurance or representing LSM Insurance.

    Life Insurance Licensing in Saskatchewan

    The Insurance Councils of Saskatchewan (ICS), under the authority delegated by the Director of Insurance, licenses and regulates insurance agents, brokers, adjusters and agencies in the province.

    Interested to find out Life Insurance or Living Benefits rates in Saskatchewan?

    Key life insurance types in Saskatchewan

    Term Life Insurance Quote

    Term life insurance is ideal for covering risks with a start and end date. For example, the years of a mortgage on a home and/or farm, or the years the children are dependents. This is the cheapest type of insurance and it can be customized with optional riders. A 35-year old male, non-smoker, in excellent health can get $500,000 of coverage for as low as $22.05/month.

    Term 100 Insurance Quote

    Permanent insurance covers you for a lifetime and unlike traditional term, does not expire and then renew at higher rates. Term 100 is a form of permanent insurance known as “pure insurance.” This means it does not have any extras as seen with whole and universal life insurance’s cash saving account and other perks. Term 100 for a healthy 35-year old female, non-smoker, in excellent health, costs around $136.26/ month for $200,000 in coverage.

    Whole Life Insurance Quote

    Whole life insurance is ideal for long-term financial planning as it provides those in Saskatchewan with both permanent insurance and a cash savings account. Money in this account can be used via a policy loan, and the investment rates are guaranteed. Rates vary as this is one of the more expensive insurance types, but is possible for a 30-year old, non-smoker, male in excellent health to get a $200,000 whole life policy starting around $115.56/month.

    Universal Life Insurance Quote

    Universal life insurance also has a cash savings component, but it is more flexible in that the cash can be withdrawn. It does not have guaranteed investments and the premium has a max/min range that works in accordance with your monthly budget and long term goals. Rates for universal life insurance in Saskatchewan are more than Term 100, but less than whole life insurance when comparing similar coverage.

    Simplified Life Insurance Quote

    It’s true that people in Saskatchewan in excellent health enjoy the best insurance rates, but if you have a health condition, good rates are still an option thanks to no medical simplified issue insurance. This application replaces the medical exam with a short questionnaire. Since this policy is also fast and easy to get, it is ideal for anyone in need of insurance in a hurry, or that simply doesn’t like doctors’ appointments. For example, a 40-year old, non-smoker, female seeing $250,000 of term life simplified coverage through will pay around $47.70/month.

    Guaranteed Life Insurance Quote

    Guaranteed issue insurance in Saskatchewan goes by many names: final expense insurance, seniors insurance, etc. However, it is available to anyone. It has no medical exam and no health questionnaire. The coverage cap is low and the premiums are high because the insurer not only assumes the all risk, but also assumes that the applicant is ill and has a shorter life expectancy. For this reason, the policy will not pay out if the life insured passes from any reason other than an accident within the first two policy years. However, the premiums will be returned to the beneficiaries.

    Other Life Insurance types

    Life insurance includes living benefit products, such as disability insurance and critical illness insurance. Riders are also available to customize coverage. It is important to connect with a broker in Saskatchewan. Brokers work with 25+ Canadian insurers, so they can customize a policy for your short and long-term needs. Broker services are provided to you free of charge.

    Life Insurance rates in Saskatchewan: Sample

    The rates of life insurance and living benefits in Saskatchewan depend on factors like your occupation, age, health, and even your commute. A broker assesses your personal situation and matches you with the best policy for your situation. The sample quotes below are general in nature and give you a starting point on what to expect from life insurance rates in Saskatchewan.

    Term 10 life insurance for a 30-year old male, non-smoker, with no serious health conditions, for coverage of $200,000.
    $25.20/month
    Term 20 life insurance for a 30-year old female, non-smoker, with no serious health conditions, for coverage of $200,000.
    $21.69/month
    Whole life insurance for a 25-year old male, non-smoker, with no serious health conditions, for coverage of $100,000.
    $ 77.13/month
    Simplified life insurance for a 49-year old female, non-smoker, using this policy because of an existing health condition. Coverage of $50,000.
    $ 16.20/month (for a term policy)

    Disclaimer: Remember, life insurance rates in Saskatchewan are highly dependent on a variety of factors. Speak with a broker that has access to all the life insurance products in Canada so they can guide you to the application for which you are most likely to qualify.

    Other Living benefits products in Saskatchewan

    Disability Insurance Quote

    Disability insurance in Saskatchewan is a living benefit that pays a portion of your income should you become disabled due to an accident or (some forms of) illness. Disability insurance rates vary depending on the coverage. You cannot cover, even with multiple policies, more than about 85% of your income. Your occupation drives the rates.

    Critical Illness Insurance Quote

    Your critical illness risk is higher than your risk of premature death. This is another living benefit. It pays a tax free lump sum if you are diagnosed with an illness named in the policy. The money is yours to do with as you wish: take time off work, out-of-province treatment, co-pays on medication, bucket list, etc. Rates are dependent on the coverage type and level. Some policies cover heart attack, cancer, and stroke. Other policies cover 25+ illness.

    Health & Dental Insurance Quote

    Health insurance in Saskatchewan assists with the costs of medication, paramedical services, and dental care. Rates vary as packages can be tailored around what you need the most. Some focus on medication, others on dental; most have a good combination of both. It’s always a good idea to top up health insurance in Saskatchewan if your coverage caps through employee benefits are low.

    Other Living benefits

    Living benefits refer to any benefit paid out to you while you are living. In addition to critical illness and disability insurance, this can include riders you purchase to enhance your policy. One example is a return of premium rider that refunds your premiums if you do not die within a certain period of time.
    Interested to find out Life Insurance or Living Benefits rates in Saskatchewan?

    Frequently Asked Questions about Saskatchewan Life Insurance

    Life insurance rates in Saskatchewan depend on the type of policy you need, the coverage cap, your age, health and other risk factors. Term life insurance in Saskatchewan is the cheapest type of policy. A healthy 25-year old female non-smoker can get a Term 15 policy for as little as $18.00/month for coverage of $500,000.

    You can get life insurance in Saskatchewan through an agent (sells the products of one company), a broker, online, over the phone, and through some banks. A broker saves you time and money as they shop the market – for free – on your behalf and provide you with the best policy for your needs among 25+ Canadian insurers.

    The Insurance Councils of Saskatchewan (ICS), under the authority delegated by the Director of Insurance, licenses and regulates insurance agents, brokers, adjusters and agencies in the province.

    Disability insurance in Saskatchewan is available as part of most employee benefit packages, but you can also purchase individual policies. These are best purchased through an agent or broker to ensure you are not stacking policies and therefore paying for coverage you can’t use. If you buy it from a bank, it will be termed mortgage/loan/debt insurance and the bank, not you or your family, will be the beneficiary.

    Interested to find out Life Insurance or Living Benefits rates in Saskatchewan?